Ghana is not ‘broke’ we’re at IMF to continue development – Minister

The Eastern Regional Minister, Seth Kwame Acheampong has refuted claims that Ghana’s economy was collapsing hence decision by government to run to the International Monetary Fund (IMF) for support.

Government of Ghana commenced negotiation with the IMF on Wednesday July 6, 2022 for a Balance of Payment Support.

The President Akufo Addo had earlier engaged the IMF Managing Director, Miss Kristalina Georgieva to declare the government’s intention.

Some economists and financial analysts have said the Ghana’s economy is in shamble and was nearing collapse as manifested by increased inflation of about 27% amidst high debt levels of almost 80 per cent of GDP locking the country out of the International Capital Market in the face of declining foreign exchange reserve of the country which also exerted pressure on the local currency causing the cedi to rapidly depreciate against major trading currencies.

However addressing congregation of Muslims at the Central mosque in Koforidua to celebrate Eid-ul- Adha, the Eastern Regional Minister said, Ghana is not broke as being festered for political capital by the opposition.

“During the covid pandemic, the President said we know how to bring back the economy but not the dead .So it is the same path of economic restoration that we are on now .I know many people think Ghana is broke reason we are going to IMF. No! That is not the case.

“Fund to run the country is available but going to IMF for more funds to enable government continue its programs and developmental projects. So it doesn’t mean Ghana is broke.

“This is not the first time Ghana is going to IMF. For the sake of politics people will say government has mismanaged the economy but that is not the case,” Seth Kwame Acheampong said.

He said Russia invasion of Ukraine and Covid-19 pandemic has disrupted the global economy hence the current economic challenges of Ghana.

The minister however stated that, economic situation being experienced in the country now is nowhere near the economic crises Ghana suffered in 1983 but with unity of purpose then, Ghana came out successfully.

Seth Kwame Acheampong therefore called on all Ghanaians to pray for and rally behind President Akufo Addo as he implements economic recovery measures to remedy the current economic hardship.

The  Eastern Regional Chief Imam Alhaji Yussif Amudani Suleman called on the striking teacher unions over cost of living allowance (COLA) to call off their strike action for the sake of the final year candidates preparing to write their Basic Education Certificate Examination (BECE) and West Africa Secondary School Certificate Examination (WASSCE).